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Wang Jianlin, a well-known Chinese entrepreneur, is in his late teens and has once again demonstrated his outstanding business acumen. Recently, his Wanda Group sold four Wanda Plazas in just five days, a move seen as an important step in its transformation strategy. These Wanda Plazas sold are mainly capital-intensive, asset-heavy operating projects.
Wang Jianlin did not hesitate to choose the transition to an asset-light model in the process of transformation. According to media reports, Wanda has sold at least nine Wanda Plazas since last year, with a total of 20 planned for sale, each with an estimated transaction price of up to 7.8 billion yuan.
Faced with questions from the market, Wanda's reason for choosing to sell its assets is clear: to avoid following in the footsteps of Evergrande Group. In the current economic environment, not actively selling assets can trigger a crisis or even prevent assets from being sold at a reasonable price.
Wang Jianlin's business philosophy can be summed up as: "Assets can be sold, but Wanda's future and brand value cannot be shaken." This firm attitude not only helped Wanda tide over the difficulties, but also relieved the VAM crisis faced by Wanda Commercial Management. Last year, Wanda was supposed to buy back 38 billion yuan worth of equity from strategic investors because Wanda Commercial Management failed to go public as scheduled. However, Wang Jianlin decisively adopted a different strategy.
Wang Jianlin reached a new agreement with the strategic investor that will not require Wanda to pay the 38 billion yuan buyback, but will need to reduce its stake in Wanda Commercial Management from 78.83% to 40%, while increasing the strategic investor's stake from 20% to 60%.
For Wanda, this is tantamount to giving up half of the company's fortune in exchange for the company's stability and future development. It is worth noting that Wang Jianlin has sold most of the controlling stake in Wanda Films, and currently only retains a slightly more than 10% stake. Today, Wanda Commercial Management is its most valuable asset, and the company owns hundreds of shopping malls.